Knowledge

Well Rounded View

We understand how important it is for lawyers to have a well rounded view, to be well informed and to be able to base legal advice on that knowledge. In this Well Rounded View article, our two newest partners Greig Honeyman and Drew Taylor, share their view on the current economic climate and why fresh thinking is needed to challenge traditional ways of doing business.

How should the legal profession respond to the current economic circumstances?

It has been said that a successful modern business is one that reacts faster to its clients concerns or problems than the client themselves.

In many ways, a legal firm, especially one rooted in private client and family business practice, has the opportunity to do exactly that.

Many of us have grown up with our clients. We’ve seen them expand their businesses from a corner shop to multi-million pound companies. We’ve seen them marry, have children, and even grandchildren, supporting them every step of the way be it through contract negotiations, litigation, drawing up Wills or negotiating a divorce.

All of which creates a profound understanding of family dynamics and individual tensions and, more importantly, engenders a sense of responsibility for our clients. It is not in our interests to see a client fail, any more than it is in theirs.

The key difference, of course, is that a lawyer brings an objectivity that in emotional or stressful times is a vital commodity.

In difficult economic times, a lawyer’s role can be extensive and invaluable.

However, it is also true to say that when times are tough, many look elsewhere for answers.

There is a growing trend towards ‘DIY’ law online which unfortunately sees unsuspecting Scots put their faith in unworkable US or English based legal documents that will be very costly to defend, if necessary, in the future. Worse still, many put off making the hard decisions in fear of expenses they cannot afford.

It is entirely understandable. It takes courage to call up a lawyer to ask for advice, but it can also be a false economy if it is put off too long.

Therefore, if asked how the lawyer should respond to the current economic circumstances, it has to be to ensure that they put every effort into working alongside their clients. This means not only being there when needed (and sometimes when not) but also ensuring that they have the right expertise to deal with all of the complexities that modern family and business structures present.

Strength in depth led by the highest technical ability and legal minds but also fired by youth and dynamism. In unprecedented times, fresh thinking is needed to challenge traditional ways of doing business and talent is commodity that any legal firm needs by the lorry load.

Hard times teach us that we can never stay the same and have to change. That can be a hard lesson, but those who grasp the nettle soonest, will be the ones who come through the other side ahead.

As lawyers, we will not serve our clients appropriately if we cling on to the past. We too have to have courage to make bold moves to meet today’s challenges.

Greig Honeyman & Drew Taylor

View Greig Honeyman's biography

View Drew Taylor's biography

View David Dunsire's biography

Read the press release announcing the merger 

Watch a video of Greig and Drew discussing the positive impact the move will have on clients